QBiz: Aamby Valley Auction to Go on, Says Supreme Court & More
1. Can't Force Customers to Buy Electric Vehicles: Maruti Chairman
Maruti Suzuki chairman RC Bhargava said Road Transport Minister Nitin Gadkari's call for an end to automobiles driven by fossil fuels shouldn't be interpreted literally but as a statement of intent on implementing the government's plan to only sell vehicles running on electricity by 2030.
"Before I start pushing EVs, I have to make sure they give him the value that they should give to him, which is what a customer expects from Maruti." The Minister's statement was aimed at persuading the industry to reorient itself, he said.
Source: Economic Times
2. Govt Mulls Rs 10 Trillion Public Financing for Infrastructure Projects
With bank credit drying up for large infrastructure projects, the National Democratic Alliance (NDA) government is exploring a plan to raise Rs 10 trillion from retirees and provident fund beneficiaries, said Transport Minister Nitin Gadkari.
The plan aims to raise money in tranches of Rs 10,000 crore by selling 10-year bonds at a coupon of 7.25 to 7.75 percent.
Each tranche will be meant for a specific project.
3. India Inc Top Deck Pays the Price for Delay in Changes to Companies Act
Well-known current and former CEOs of some key Indian blue chips lead the list of people whose revised compensation packages have been delayed for the past three years as government approval is pending due to existing provisions of the Companies Act.
Guenter Butschek of Tata Motors, Anand Kripalu of USL, and S Raghunandan of Jyothy Labs are some of the CEOs who are yet to be paid in full.
Source: Economic Times
4. Bharat Financial, IndusInd Bank Sign Exclusive Merger Talk Deal
Bharat Financial Inclusion Limited (BFIL), formerly SKS Microfinance, on 11 September said it had signed an exclusivity agreement for a potential merger with IndusInd Bank.
Statements issued by BFIL and IndusInd Bank confirmed months of speculation over negotiations between the two parties. Another potential acquirer, RBL Bank, is now out of contention.
BFIL chief executive officer and managing director MR Rao said the merger would result in lower cost of funds and would help the company offer its customers savings products.
Source: Business Standard
5. Jaypee Insolvency Case: SC Bars Directors From Leaving India
The Supreme Court, on 11 September, said that no managing director of Jaypee Infratech can travel abroad without prior permission from the apex court.
It also revived the Interim Resolution Professional, appointed by NCLT for insolvency proceedings against Jaypee Infratech to take over the management of the construction company.
Additionally, its parent company Jaypee Group has been asked to deposit Rs 2000 crore with the SC in 45 days.
Read the full story on The Quint
6. Aamby Valley Auction to Go on, Says Supreme Court
Sahara’s flagship Aamby Valley property will be put up for auction, ordered the Supreme Court on 11 September, adding that the group’s chief Subrata Roy had been granted many opportunities to save it.
7. Morgan Stanley to Make First Close of $400-500 Million Next Month
Morgan Stanley is set to make a first close of $400-500 million for its maiden $1-billion India-dedicated infrastructure fund next month, as the Wall Street giant looks to create a more focused local approach to reap the benefits of an expected boom in the core infrastructure space in the country.
Source: Economic Times
8. Farm Loan Waiver May Push Inflation by 0.2% Permanently: RBI Paper
Reliance Jio Infocomm Ltd alleged that Bharti Airtel Ltd misrepresented facts purposefully to create a smoke- screen and hide its ill-gotten profits to support its false claim of loss from call connection charges.
Last week, Bharti Airtel had accused Jio of “misleading” the Telecom Regulatory Authority of India (TRAI) and public over the interconnect usage charge (IUC) and claimed it suffered a loss of Rs 6,800 crore in the last five years due to low mobile call connection charges fixed by the regulator.
The Mukesh-Ambani led telecom firm said that Airtel’s representation on loss due to prevailing IUC rates is “grossly incorrect and fallacious”.
9. JSW Group in Talks With China's Zhejiang Geely for Electric Vehicles
JSW Group is in talks with China’s Zhejiang Geely Holding Group Co for a partnership to make electric vehicles (EVs).
The proposed equal joint venture with a planned investment of around $1 billion will look at manufacturing premium electric vehicles, batteries and also setting up charging infrastructure, said three people aware of the Indian conglomerate’s plans who spoke on condition of anonymity.
Billionaire Sajjan Jindal’s JSW Energy announced on 11 August that it would invest up to Rs 4,000 crore to manufacture EVs and said it was in talks with several technology providers.
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